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STRAIGHT NOTE (DUE ON SALE CLAUSE) Order # $, California, 20 after date, for value received, the undersigned, hereby promises to pay to or order, at the sum of DOLLARS, with interest from until paid,
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A due on sale clause is a provision in a mortgage or deed of trust that requires the borrower to pay the entire loan balance upon the sale or transfer of the property to a new owner.
The borrower who is selling or transferring the property is required to file the due on sale clause.
The due on sale clause can typically be filled out by contacting the lender or loan servicer and providing the necessary information about the sale or transfer of the property.
The purpose of a due on sale clause is to protect the lender's interest in the property by ensuring that the loan is paid off when the property is sold or transferred.
The information typically required on a due on sale clause includes the name of the borrower, the property address, the new owner's information, and details about the sale or transfer.
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